Estate planning is a great way to help ensure that your assets and liabilities will be properly taken care of when you pass. Delaware, like all other states, has its own unique laws surrounding how a deceased person’s estate is to be handled in the event there was no will. Many times, this can lead to your family missing out on obtaining the wealth that you built up over your lifetime.
How to get started with estate planning
One of the best things that you can do is simply get started with the estate planning process. Take an inventory of the assets and liabilities that you currently have. This should include things like your home, cars, investment accounts, credit card bills and auto loans. You’ll need to include everything that has your name on it.
Figure out your funeral arrangements
It’s very common for elderly adults to have life insurance to cover their funeral and burial expenses. In some cases, this insurance may be through a group like AARP or the American Legion. If your beneficiaries don’t know about your insurance policy, they won’t be able to use it to cover your funeral expenses. Do them a favor and have this information readily available, including a copy of the policy and its coverage amounts. All of your estate planning documents should be given to your executor.
Choose an executor
Your will will appoint an executor. This is a person that you designate to handle the tasks that accompany the administration of your will. You can opt for having a close friend, family member or even your attorney handle these duties.
Estate planning is an essential part of helping to ease the stressful burden that is placed on your family and friends when you pass away. While you may not want to think about your death, it’s a necessity to ensure that all your assets are handled as you wish. If you’re having trouble getting started, it can help to contact a lawyer to assist you with the planning process.
